Pacific Crest Downgrades World Wrestling Entertainment (WWE) to Sector Weight
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Pacific Crest downgraded World Wrestling Entertainment (NYSE: WWE) from Overweight to Sector Weight and removed its price target. Analyst Evan Wingren said gross add declines prompted the downgraade.
"Declining U.S. TV ratings and gross additions suggest incremental growth in U.S. subscribers will be more moderate than we previously expected. We believe WWE's long-term guidance of 3 million to 4 million global subscribers requires at least 2 million U.S. subscribers. While this is still possible, it appears less likely. We believe M&A could still be a driver for the shares, but we would need a stronger sense that a medium-term event is likely before recommending investors buy shares," said Wingren.
Shares of World Wrestling Entertainment closed at $19.17 yesterday.
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